Buy KPIT Technologies; target of Rs 90: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi 's research report on KPIT Technologies

KPIT revenues came at $65m, down 15.2%q/q (14% in CC), 10%y/y. The decline was mainly in AD-ADAS (down 27.7% q/q) and Diagnostics/Auto SAR (down 22% q/q). The EBIT margin was 6.7%, down 178bps q/q. Despite Q1FY21 capex being higher, at `332m (new facility and software), net cash was a high `3,938m, 21% of MCap. Capex for the rest of the year would come down sharply. With its in-line Q1 performance and growth expected to be back in H2 as large deals ramp up and offshoring increases, margins may see a tailwind.

Outlook

We raise our FY22e profit 5.2%, leading to a higher target of `90 (earlier `85) at 13x FY22e EPS.

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